peter1234

Great insights. :)

Thanks for the insightful review. :)

Can't easily save local copy of the file most times, and a PDF looks fine without their UI around it so they provide no real added value. Ditto. It's a zero value added service that has niche market monopoly (along with, perhaps, some marginal network effects?) just because 95%+ of the people out there don't care about PDFs so no real player addresses the market. And I refuse to pay them to download a PDF that's someone else's content. ++1 ;)

Are you sure you got that Browne title right? I can't find any "book" book with that title anywhere. Is it this one by Stanley Brown? http://www.amazon.com/How-Sell-Anything-Anybody-Girard/dp/0743273966/ref=sr_1_1?s=books&ie=UTF8&qid=1409556684&sr=1-1&keywords=how+to+sell+anything+brown

I thought using Credit Default Swaps CDS is more straight forward.

Why do all these people get to read it before us? ???

Fascinating discussion. Any insights on how a good buy-out structure increases success rate? Like mile-stone based earn-outs on sales, profits, customer retention? Go work in the business for 1 week, 1 month, etc?

Land is not depreciated. Land is usually on the books at cost. It does not get re-evaluated. 'Old' land is therefore likely worth more. ;)

It is cheaper on Kindle, but still $59

I liked it. Good stories about Graham, Icahn, Pickens, Buffett, Greenblatt, Nifty Fifty Conglomerate area. Some quant backtesting, but much less than his previous book. ;)

Ryan Morris hasn't necessary "taken control" of companies, but he is on the board of 3 different ones, hoping to influence their business. I believe his AUM are below $100mm too. I believe Ryan Morris talked to other major shareholders and got them to back him.

The United States stock market looks very expensive right now. The CAPE ratio, a stock-price measure I helped develop — is hovering at a worrisome level http://www.nytimes.com/2014/08/17/upshot/the-mystery-of-lofty-elevations.html?_r=1&abt=0002&abg=0 http://www.cnbc.com/id/101930841

Thanks for sharing, this is very nice! ;)

Just learned something new. Thanks! :)

Agreed. ;) I get market cagr around 20% the following way: For SPY (197/113)^(1/3) = 1.74^(1/3) = 1.20 or 20% cagr. Add in dividends as you point point out and you would be right around his net returns.

Would love to hear more about Jeremy Deal's track record. Apparently 30% gross, 22% net since inception in October 2011. ;) That doesn't really seem that good. That's not too much better than the market. Just to clarify, these are annual returns.

Would love to hear more about Jeremy Deal's track record. Apparently 30% gross, 22% net since inception in October 2011. ;)

Certainly. Does he have a new fund now? There have been rumors but have not heard that he is open for business again.

Made it into the WSJ again: http://blogs.wsj.com/moneybeat/2014/08/15/winters-who-criticized-coke-sells-berkshire-after-buffett-didnt-criticize-enough/ Getting a lot of free publicity, but might eventually backfire? ???

I believe it is just permanent capital to be invested in his regular funds. PSH was formed over 2 years ago and has attracted significant assets (some LPs converted their regular stakes). ;)

Thanks for sharing this. I have always wondered whether he just had nerves of steel. Looks like he is human after all... :)

+1 I noticed hat too.

If fully diluted EPS increases 10% then that is what I would use. In the (unlikely) event that you think there is a good chance of reducing/eliminating incentive comp and still getting 20%, then I would think some more. ;)

Agreed, there was more to that. It was the largest holding at 15%. And he did not recognize the issue until it was too late. Dec 2007

Big Idea Speed Read 1. The New Neutral is PIMCO’s one big idea currently. 2. If it is lower than the historical 2% real, and if it facilitates normal asset volatility, then stocks, bonds, and risk assets in general should appear less bubbly than some presume.